LOS ALTOS (CBS / AP) — Online storage provider Box is the latest rapidly growing Silicon Valley company seeking to strike it rich in the stock market.
The Los Altos-based company took its first step toward making its market debut with a Monday filing for an initial public offering.READ MORE: UPDATE: Oakland Officer, Suspect Wounded In Shootout; Suspect Surrenders After Tense Standoff
Box Inc. indicated it hopes to raise $250 million in its IPO, although that figure usually changes as investment bankers gauge investor demand.READ MORE: Suspects Ordered To Stand Trial In 1996 Kristin Smart Disappearance
The documents didn’t set a price range for the shares or how much stock will be sold. Those details usually emerge as the IPO nears completion, a process that often takes three to four months.
Box says more than 25 million registered users store documents and other content on its service. The company lost $169 million on revenue of $124 million last year.MORE NEWS: Widespread Outage Cuts Off Electrical Power To Danville Residents
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